AUD/USD Forecast for the Week of Nov. 21st, 2011, Technical Analysis

AUD/USD fell very hard during the week as traders continue to shun the riskier assets around the world. The Aussie is very risk-sensitive, so the fall was to be expected. The parity level is currently holding up the pair as support, and looks like the start of tough support coming up. With this in mind, this pair is a sell – but should be more of a grind than a sprint south form here. We like selling rallies as well, but don’t buy. If the parity level gives way with any meaning, the 0.9350 level will be targeted, but could take some time to reach.

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